Budget 2024-25: FM proposes Additional Tribunals for NCLT, Major IBC Reforms, says 3.3

In the Union Budget 2024-25, Finance Minister Nirmala Sitharaman proposed the establishment of additional tribunals for the National Company Law Tribunal (NCLT) to expedite insolvency cases. This move is part of broader reforms aimed at streamlining insolvency proceedings. The FM highlighted that approximately ₹3.3 lakh crore has been recovered through insolvency processes, showcasing the effectiveness of the Insolvency and Bankruptcy Code (IBC). The budget also indicates a commitment to enhancing corporate governance and ensuring a more efficient dispute resolution mechanism in the insolvency sector.